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RUB Resilient to UST Volatility as Supply-Side Factors Reinforce Brent Momentum

  • USD/RUB flat to lower at the open as Brent futures continue to march higher, now above $67/bbl.
  • Sentiment remains strong from a supply-side perspective with US crude production dipping ~10% from the Texas deep freeze, and was also buoyed by Powell's accommodative rhetoric in yesterday's session.
  • Markets still broadly unphased by sanctions rhetoric from the EU, but US threats should not be fully discounted.
  • USD/RUB still remains heavy, showing greater resilience to rising UST yields than both TRY & ZAR in yesterday's session.
  • Sup1: 73.4112, Sup2: 73.1499.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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